The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005

1. Introductory Text

2. PART 1 PRELIMINARY

   1. 1. Citation, commencement and interpretation

3. PART 2 SEGREGATED SCHEMES:

   1. SINGLE EMPLOYER SECTIONS

      1. 2. Application and effect

      2. 3. Notification of insolvency events, confirmation of scheme status etc.

      3. 4. Eligible schemes

      4. 5. Board’s duty where application or notification received under section 129

      5. 6. Protected liabilities and assessment periods

      6. 7. Directions and power to validate contraventions of section 135

      7. 8. Valuation of assets

      8. 9. Refusal to assume responsibility for a scheme

      9. 10. Reconsideration and duty to assume responsibility for a scheme following reconsideration

      10. 11. Closed schemes and requirement to wind up schemes with sufficient assets to meet protected liabilities

      11. 12. Transfer notices and assumption of responsibility

      12. 13. The pension compensation provisions

4. PART 3 SEGREGATED SCHEMES:

   1. MULTI-EMPLOYER SECTIONS WITHOUT REQUIREMENT FOR PARTIAL WIND UP ON WITHDRAWAL OF PARTICIPATING EMPLOYER

      1. 14. Application and effect

      2. 15. Notification of insolvency events, confirmation of scheme status etc.

      3. 16. Eligible schemes

      4. 17. Duty to assume responsibility for schemes

      5. 18. Board’s duty where application or notification received under section 129

      6. 19. Protected liabilities

      7. 20. Assessment periods

      8. 21. Directions

      9. 22. Restrictions on winding up, discharge of liabilities etc and power to validate contraventions of section 135

      10. 23. Valuation of assets

      11. 24. Refusal to assume responsibility for a scheme

      12. 25. Reconsideration, closed schemes and requirement to wind up schemes with sufficient assets to meet protected liabilities

      13. 26. Transfer notices and assumption of responsibility for a scheme

      14. 27. The pension compensation provisions

5. PART 4 SEGREGATED SCHEMES:

   1. NON-SEGREGATED MULTI-EMPLOYER SECTIONS OF SEGREGATED SCHEMES WITH REQUIREMENT FOR PARTIAL WIND UP ON WITHDRAWAL OF PARTICIPATING EMPLOYER

      1. 28. Application and effect

      2. 29. Notification of insolvency events, confirmation of scheme status etc.

      3. 30. Eligible schemes

      4. 31. Duty to assume responsibility for schemes

      5. 32. Board’s duty where application or notification received under section 129

      6. 33. Protected liabilities

      7. 34. Assessment periods

      8. 35. Directions

      9. 36. Restrictions on winding up, discharge of liabilities etc, and power to validate contraventions of section 135

      10. 37. Board to act as creditor of the employer

      11. 38. Valuation of assets

      12. 39. Refusal to assume responsibility for a scheme

      13. 40. Reconsideration

      14. 41. Closed schemes and requirements to wind up schemes with sufficient assets

      15. 42. Transfer notices and assumption of responsibility for a scheme

      16. 43. Further actuarial valuation of segregated parts

      17. 44. The pension compensation provisions

6. PART 5 NON-SEGREGATED SCHEMES:

   1. SCHEMES WITH A REQUIREMENT FOR PARTIAL WIND UP ON THE WITHDRAWAL OF A PARTICIPATING EMPLOYER

      1. 45. Application and effect

      2. 46. Notification of insolvency events, confirmation of scheme status etc.

      3. 47. Eligible schemes

      4. 48. Duty to assume responsibility for schemes

      5. 49. Board’s duty where application or notification received under section 129

      6. 50. Protected liabilities and assessment period

      7. 51. Directions

      8. 52. Restrictions on winding up, discharge of liabilities etc and power to validate contraventions of section 135

      9. 53. Board to act as creditor of the employer

      10. 54. Valuation of assets

      11. 55. Refusal to assume responsibility for a scheme

      12. 56. Reconsideration

      13. 57. Closed schemes and requirement to wind up schemes with sufficient assets

      14. 58. Transfer notices and assumption of responsibility for a scheme

      15. 59. Further actuarial valuation of segregated parts

      16. 60. The pension compensation provisions

7. PART 6 NON-SEGREGATED SCHEMES:

   1. SCHEMES WITHOUT PROVISION FOR PARTIAL WIND UP ON WITHDRAWAL OF A PARTICIPATING EMPLOYER

      1. 61. Application and effect

      2. 62. Notification of insolvency events, confirmation of scheme status, etc.

      3. 63. Eligible schemes

      4. 64. Duty to assume responsibility for schemes

      5. 65. Applications and notifications

      6. 66. Assessment periods

      7. 67. Restrictions on winding up, discharge of liabilities etc and power to validate contraventions of section 135

      8. 68. Valuation of assets

      9. 69. Refusal to assume responsibility

      10. 70. Transfer notices and the pension compensation provisions

8. PART 7 NON-SEGREGATED SCHEME WITH AN OPTION TO SEGREGATE ON THE WITHDRAWAL OF A PARTICIPATING EMPLOYER

   1. 71. Application and effect

9. PART 8 SEGREGATED SCHEMES:

   1. MULTI-EMPLOYER SECTIONS OF SEGREGATED SCHEMES WITH AN OPTION TO SEGREGATE ON THE WITHDRAWAL OF A PARTICIPATING EMPLOYER

      1. 72. Application and effect

10. PART 9 MULTI-EMPLOYER SCHEMES:

    1. THE PENSION PROTECTION LEVIES

       1. 73. Modification of sections 175 to 181 of the Act: segregated schemes

       2. 74. Modification of sections 175 to 181 of the Act: non-segregated schemes

       3. 75. Modification of sections 175 to 181 of the Act: multi-employer sections of segregated schemes

11. PART 10 FINANCIAL ASSISTANCE SCHEME FOR MEMBERS OF CERTAIN PENSION SCHEMES

    1. 76. Modification of section 286 of the Act

12. Signature

13. Explanatory Note